After Bitcoin reached a high of $100,000, it entered a correction mode, leaving many investors confused and torn, speculating whether this is a brief pause in a bull market or if the market has reached its end.

First, let's analyze the key factor of Bitcoin's halving mechanism. It is well known that Bitcoin's production is halved every four years. Historical data shows that after previous halvings, the market usually experiences a real price peak about 1 to 1.5 years later. Based on this timeline, the end of 2025 to early 2026 appears to be the most likely peak moment, and the current correction seems more like a halftime break. Comparing the magnitude of the correction, this time it has only dropped by 30%, whereas in 2017 and 2021, Bitcoin experienced significant corrections of 45% and 53% respectively. In contrast, the current correction is not considered exaggerated. Furthermore, the cost line for miners is currently around $78,000. If the price really falls to this level, miners will hold back their Bitcoin for cost considerations, which will, to some extent, create price support, acting like a natural moat.